Basque Country | The Observatory of Economic Complexity

Basque Country

Autonomous Community in Spain

2023
Economic
Complexity 0.35Rank 1 of 18

Jan 2024
Trade
Exports | Imports €2.38B | €2.26B5 of 19 | 5 of 19

Jan 2024
Country
Destination | Origin France | Germany €443M | €236M

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Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Basque Country. In January 2024 Basque Country was the number 5 in total exports and the number 5 in total imports in Spain.

Exports In 2023, Spain's Basque Country exported €32.6B, making it the 5th largest exporter out of the 18 exporters in Spain. In 2023 the top exports of Basque Country were Medium Diesel Cars (€2.4B), Diesel Trucks < 5 tonnes (€1.09B), Other Motor vehicle parts (€1.01B), Petroleum spirit for motor vehicles (€843M), and Pneumatic tyres new of rubber for... (€804M).

Imports In 2023, Spain's Basque Country imported €29.4B, making it the 5th largest importer out of the 18 importers in Spain. In 2023 top imports of Basque Country were Petroleum oils, oils from bituminous minerals,... (€4.74B), Light petroleum distillates nes (€1.07B), Natural gas, liquefied (€745M), Soya beans: other than seed, whether... (€477M), and Engines, diesel, for motor vehicles (€463M).

Economic Complexity In 2023, the highest complexity exports of Basque Country according to the product complexity index (PCI) are Metalworking Transfer Machines (2.04), Hot-Rolled Stainless Steel Bars (1.8), Metal Lathes (1.78), Interchangeable Tool Parts (1.76), Metal Finishing Machines (1.64), Wrenches (1.61), Flat-Rolled Stainless Steel (1.61), Other Stainless Steel Bars (1.51), Metalworking Machine Parts (1.5), and Valves (1.49). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

January, 2024

About

Overview In January 2024 Basque Country exported €2.38B and imported €2.26B, resulting in a positive trade balance of €117M. Between January 2023 and January 2024 the exports of Basque Country have decreased by $-382M (-13.9%) from €2.76B to €2.38B, while imports decreased by €-171M (-7.02%) from €2.43B to €2.26B.

Trade In January 2024, the top exports of Basque Country were Cars (€234M), Motor vehicles; parts and accessories (8701... (€197M), Delivery Trucks (€144M), Rubber Tires (€127M), and Refined Petroleum (€106M). In January 2024 the top imports of Basque Country were Crude Petroleum (€456M), Refined Petroleum (€178M), Petroleum Gas (€89.3M), Hot-Rolled Iron (€80.6M), and Soybeans (€62.6M).

Destinations In January 2024, Basque Country exported mostly to France (€443M), Germany (€383M), Italy (€148M), United States (€147M), and United Kingdom (€138M), and imported mostly from Germany (€236M), United States (€234M), France (€158M), Nigeria (€144M), and China (€131M).

Growth In January 2024, the decrease in Basque Country's year-by-year exports was explained primarily by an decrease in exports to China (€-22.1M or -40.9%), Russia (€-19.4M or -79%), and Togo (€-13M or -99.5%), and product exports decrease in Aluminium Plating (€-18.5M or -45.1%), Iron Blocks (€-16.4M or -29.7%), and Valves (€-15.3M or -27.8%). In January 2024, the decrease in Basque Country's year-by-year imports was explained primarily by an decrease in imports from United Kingdom (€-78.5M or -71.6%), Russia (€-58.4M or -42.5%), and Kazakhstan (€-38.6M or -99.6%), and product imports decrease in Hot-Rolled Iron (€-20.1M or -27.2%), Wheat (€-18.1M or -93.1%), and Combustion Engines (€-17.9M or -39.9%).

Latest Data

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

Product

EXPORT GROWTH (January 2023 - January 2024)€-382M(-13.9%)

IMPORT GROWTH (January 2023 - January 2024)€-171M(-7.02%)

This section shows exports and imports data at subnational level for Basque Country. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of Basque Country over time.

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Historical Data

Yearly Exports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Destination (2023)Germany€5.14B

Top Product (2023)Medium Diesel Cars€2.4B

In 2023 the top export destinations of Basque Country were Germany (€5.14B), France (€4.88B), United States (€2.74B), United Kingdom (€2.01B), and Italy (€1.83B).

In 2023 the top exports of Basque Country were Medium Diesel Cars (€2.4B), Diesel Trucks < 5 tonnes (€1.09B), Other Motor vehicle parts (€1.01B), Petroleum spirit for motor vehicles (€843M), and Pneumatic tyres new of rubber for... (€804M).

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Exports Dynamics

Starting Date

Ending Date

Fastest Growing Exports Destination (Jan 2023 - Jan 2024)

Mexico €17.2M (41%)

China €16.6M (52.1%)

Taiwan €8.58M (152%)

Rapidly Declining Export Origins (Jan 2023 - Jan 2024)

Netherlands -€98.1M (-62.5%)

Germany -€83.6M (-17.9%)

United States -€46.2M (-23.9%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2023)Germany€3.97B

Top Import (2023)Petroleum oils, oils from bituminous minerals,...€4.74B

In 2023 the top import origins of Basque Country were Germany (€3.97B), France (€2.14B), China (€2.1B), United States (€1.8B), and Italy (€1.33B).

In 2023 the top imports of Basque Country were Petroleum oils, oils from bituminous minerals,... (€4.74B), Light petroleum distillates nes (€1.07B), Natural gas, liquefied (€745M), Soya beans: other than seed, whether... (€477M), and Engines, diesel, for motor vehicles (€463M).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Jan 2023 - Jan 2024)

Nigeria €144M (32.2k%)

Saudi Arabia €81.6M (7.8k%)

Brazil €50.7M (91.3%)

Rapidly Declining Import Origins (Jan 2023 - Jan 2024)

China -€154M (-54.2%)

Norway -€110M (-90.7%)

Mexico -€79.7M (-42.1%)

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Economic Complexity

Economic Complexity of Basque Country

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Geomap

Treemap

Economic Complexity (2023)0.35

Basque Country ranks 1st out of the 18 autonomous communities in Spain according to ECI.

The Economic Complexity Index, or ECI, is a measure of an economy’s capacity which can be inferred from data connecting locations to the activities that are present in them. For more info about Economic Complexity, visit the Economic Complexity page.

Estimated using exports data.

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Economic Complexity Ranking

Value

Ranking

Value

The economic complexity of a territory can change year to year. Basque Country it is in position 1st considering its ECI in the last year.

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Export Opportunities by Relatedness

The top export opportunities according to the relatedness level, without considering those products were Basque Country already has a comparative advantage, are led by Flat-Rolled Iron (0.3), Rolling Machines (0.3), Metalworking Machines (0.3), Electric Soldering Equipment (0.3), and Additive manufacturing machines (0.3).

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Most Complex Products by PCI

The highest complexity exports of Basque Country according to the product complexity index (PCI) are Metalworking Transfer Machines (2.04), Hot-Rolled Stainless Steel Bars (1.8), Metal Lathes (1.78), Interchangeable Tool Parts (1.76), Metal Finishing Machines (1.64), Wrenches (1.61), Flat-Rolled Stainless Steel (1.61), Other Stainless Steel Bars (1.51), Metalworking Machine Parts (1.5), and Valves (1.49). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

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Most Specialized Products by RCA Index

The most specialized products according to the RCA index are led by Fishing Ships (75.22), Self-Propelled Rail Transport (53.04), Drilling Machines (35.03), Other Stainless Steel Bars (30.03), and Other Firearms (26.90).

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Product Space

RCA Filter

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since Basque Country is more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

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Relatedness Space

This network shows the products most related to the production structure of Basque Country. These are products that tend to be co-exported with the products that Basque Country exports. Higher relatedness values indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

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Diversification Frontier

Depth

Section

HS2

HS4

Filter

All

RCA≤1

RCA>1

The Complexity-Relatedness diagram compares the risk and the strategic value of a territory's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions. Bubble size corresponds to exports value by year 2020.